Quote:
Originally Posted by Mr. Wizard
This is SPOTT on, they don't care. Here is a cautionary tale. We found out we owed $10,000.00 for a penalty on an IRA loan I took out to put a down payment on building our house. Long story short, you have the length of your house loan to pay it back without penalty but the company doesn't have to set up a payment plan with you. It's on you. Long story short we owe and they don't care.
1) DO NOT hire one of the tv companies offering to bail you out. They want $2000.00 up front for you to fill out endless paperwork so they can submit it to the Internal Renal Service so
a) That can stop IRS calls, letters etc...
b) You can be set up on payment plans over a few years. (we are paying 200.00 a month.
2) NOW, if your tax preparer is not some discount deal they have the same number and can make the IRS call for you asking for a stoppage on your case and a new file on that year.
3) If they cant do that go to an reputable preparer that can immediately make that call and file your new file on that year. Just call around and ask if they can do those two things.
4) Calm down, it's scary but will linger on for years. It's not the end of the world and life goes on.
Good luck from a family that's been there done that.
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It was a pain in the butt when we did it. It took a lot of phone calls, waiting on hold for an hour to speak to someone and then being disconnected, speaking with multiple departments, etc. We only paid a small sum of interest to show that we were making payments, and we eventually got that back when filed the amended return. The CPA we used was basically worthless and we ended up doing all the leg work, even though it was completely his ****up that caused the whole thing.